CBRE has arranged the $8.6 million sale of an industrial/flex property in Manalapan, it announced Tuesday.
The undisclosed developer of Manalapan Tech Park, a nine-building, 84,000-square-foot complex at 122-250 Park Ave., sold the property to 120 Park SD LLC, the real estate firm said in a news release.
CBRE said the deal was one of the highest recorded per-square-foot sales in Manalapan for the product type.
The team of Charles Berger and Elli Klapper, first vice presidents, along with Mark Silverman, associate, represented the seller in the deal.
“Our tri-state investment properties team is proud to have achieved record-breaking pricing with an aggressive in-place cap rate for a mixed-use facility such as this, while at the same time allowing the buyer ample opportunity to take advantage of the value-add potential in stabilizing the asset, which is currently about 70 percent occupied,” Berger said in a prepared statement.
“This is a secure investment similar to multifamily, as the new ownership isn’t dependent on any individual tenants because the tech park has 54 separate units.”